Hubei Srikro Technology Co.,Ltd | Shiluo Technology (Yiwu) Co.,Ltd
Raw material supplier for Human nutrition, animal nutrition, cosmetic
FBIF learned that the functional food brand "minayo" has received tens of millions of yuan in Pre-A round of financing in food and nutrition in drinks. This round of financing was exclusively invested by Northern Light Venture Capital, with Yuanshi Capital acting as the exclusive financial advisor. Prior to this, Minayo had also received a multi-million yuan angel round of financing from the well-known artist brokerage company Lehua Entertainment.
It is reported that this financing will be mainly used for product matrix improvement, market launch and brand upgrade. Regarding this financing, Minayo founder Hu Ran said that Minayo will explore young people’s pursuit of beauty and health, unite well-known laboratories and factories at home and abroad, and use Internet PM thinking to link younger and more delicious product forms to the world’s top supply chains consumer.
Minayo was established in August 2020 and is committed to presenting a new generation of nutritional products in the same way that Chinese people like medicine and food. At present, Minayo has two product lines, "functional food line" and "professional supplement line" to meet the needs of consumers in different scenarios.
Among them, the functional food line mainly solves the pain points that users have long-term supplementary nutritional needs, but cannot persist. Present functional foods in the form of snacks, such as probiotic yogurt tablets, dietary fiber latte tablets, multi-vitamin gums, etc., to enhance the acceptance of functional foods by young consumer groups and make it easier to adhere to.
The professional supplement line is dedicated to meeting users' needs for clear feedback on efficacy, and tends to be in the form of health care products in terms of ingredient addition and formulation, such as thermal control tablets and whitening pills. As minayo's product function research and development direction focuses on "body management", "skin management" and "intestinal management", it is deeply loved by young people.
After the first batch of minayo products went online, the next month's sales exceeded 2 million yuan. Among them, the weight management product "Thermal Control Tablets" ranked first in the Tmall category, and the vitamin product "Multidimensional Jelly" was shortlisted in Tmall's high-end candy sales list.
According to iiMedia Consulting's "2019-2020 China Health Products Industry Research Report", the market size of my country's health products industry has reached 222.7 billion in 2019, and is expected to reach 330.7 billion by 2021, with an estimated annual growth rate of more than 20%. However, due to various reasons, the three words "health products" have always been slightly "negative" in China. This also means that brands need to use more diversified ways to win the trust of consumers.
Under this trend, various new types of "health food" have also emerged. Minayo is adhering to this idea to help a new generation of Chinese consumers get rid of the traditional impression that functional foods are more like "medicine" and present functional foods in a way more like food.
Taking the “weight management” scenario as an example, after data analysis, the founding team of Minayo found that in social media, the number of users radiating the topic of “weight” far exceeds that of the well-known beauty, clothing, etc., and has the highest degree of relevance to the topic. The content is diet and exercise. Reverting to the user's usage scenario, it is often that the body management feels guilty after overeating or irregular eating.
Therefore, Minayo launched short-acting scenes of "meal savior", "heat control tablets" and "plant enzyme jelly bars", which are taken before meals to provide users with weight management support by controlling calorie absorption and accelerating intestinal digestion. ; At the same time, "Probiotic Yogurt Tablets" and "Dietary Fiber Matcha/Latte Tablets" featuring long-term scenarios were launched to regulate intestinal health in the long term.
According to Minayo founder Hu Ran, Minayo guarantees the safety and effectiveness of its products by co-creating with mature overseas supply chains. For example, Minayo's current best-selling single product "Heat Control Tablets" is produced in cooperation with Japanese health care product manufacturer Toyo Shinyao.
It is reported that the two founders of Minayo are both from the senior management team of NetEase Koala and have many years of cooperation experience. The founder Hu Ran is one of the founders of NetEase Koala. He used to serve as the vice president of NetEase Koala. The product manager transformed the business and built a business team and platform procurement and sales system, self-operated supply chain, etc. from zero to one. During the period, the platform's annual turnover increased from 1.2 billion yuan to 12 billion yuan. Co-founder Tao Ran used to be the director of NetEase Koala International Supply Chain, and designed and implemented bonded warehouses and international logistics systems for cross-border business.
Hu Ran said that she was the first to observe that "health food" has a very strong cross-purchase rate and collateral rate within the platform, and consumers under this category show stronger consumer stickiness. Therefore, she led the koala procurement department to conduct brand inspections in various countries and introduced Swisse and Blackmores from Australia and New Zealand; GNC and Schiff from Europe and the United States; POLA, FANCL, Zhengguanzhuang and other health food brands from Japan and South Korea.
In this process, based on the local needs of Chinese consumers, she also gave the brand recommendations on the layout of the single product level, creating Swisse blood orange collagen drink, cranberry capsules, Schiff Move Free Glucosamine, etc. Best-selling and explosive products.
Hu Ran said that 2021 will be the real "first year of entrepreneurship" for the minayo brand, and the team will increase its promotion this year to increase the brand's visibility and penetration rate among target consumer groups. At the same time, a number of new products that the company reserves for the current sub-health status of young people will also come out during the year. The development ideas that have been provided for overseas brands to enter China will be presented in a form that the new generation of consumers prefer. In the future, the company will provide consumers with a full range of health solutions.
At present, Minayo has accumulated a group of loyal early users through the first batch of product sales, and has formed spontaneous word-of-mouth communication on social media such as Xiaohongshu. According to existing sales data, minayo's single-month repurchase rate has exceeded 30%, and the customer unit price has been maintained at more than 200 yuan, far exceeding the industry average.
Regarding this investment, Lin Lu, a partner of Northern Light Ventures, said: “We are firmly optimistic about the general trend of'healthy lifestyle'. The consumer demand for healthy food and snack food has been well established in developed markets such as the United States and Japan. It is verified that China is still an incremental market with extremely high growth, and the rapid rise of the demand side will reversely accelerate the orderly liberalization of policies. We are optimistic that the Hu Ran team will use its strong supply chain organization and operation capabilities to provide consumers Bringing truly safe, effective and innovative functional foods and growing into China's "FANCL"."